Cryptocurrency News – France warns against unauthorized cryptocurrency platforms

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The financial markets regulator of France has highlighted the fact that there are quite a few unregulated cryptocurrency markets which are offering various kind of investment instruments to the investors. The regulator has taken the bold step of adding for such platforms to the blacklisted list. The platforms which are included in this list include the ones which do not have proper authorization to launch cryptocurrency related investment schemes.

Warning from French regulator:

Autorite des Marches Financiers (AMF) issued a statement recently which stated that many companies are actually offering cryptocurrency investments to the investors. However, these companies are not authorized to do so.

The French regulator is a public authority for monitoring the investment products which are offered to the general public. Also, unless and until the companies offering such investments do not get the approval from the regulator, they are not allowed to market the investment product. They need to get a registration number in order to be allowed to market the investment products.

In addition to the platforms which are not allowed, the regulator also published a list of 4 platform’s which are actually not allowed to offer cryptocurrency related investments. These platforms include connect-coin.fr, solution-crypto.com, bitoraxe.com, solutioncrypto.com. However, one of these platforms is already off-line.

As a result, the investment avenues which the French citizens are having to invest in cryptocurrencies are pretty limited. This is the reason why many such platforms are cropping up without any kind of authorization. Also, the regulator also published a list of the websites which offer Forex solutions as well as binary options solutions without proper authorization. As a result, the proper blacklist was provided in order to prevent the investors from investing with fraudulent platforms.

Regulators concerned about cryptocurrencies:

The regulator is consistently tracking the losses which investors are making from cryptocurrencies. This is due to the false claims by the companies which are launching the ICOs. That is why the regulator is even more worried.

In addition to that, they are also looking at taxing the capital gains from cryptocurrencies. However, that can only be done once the investors are protected and invest in the right platforms. That is why the French regulator is trying to make the general public aware of the platforms which they should utilize in order to invest.

Similarly, authorities all over the world are trying to make cryptocurrency investments safer and easier for the investors so that they do not end up losing their money.

About Manish 352 Articles
I am an avid crypto lover and a electronics & telecommunications engineer by qualification. I follow the cryptocurrency & blockchain industry closely to focus on the latest news & developments.

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